You may not have big data as the likes of Wal-Mart online or Amazon. However, if you don’t understand your data set from how customers buy and engage with you, then your selling efforts can be highly wasteful. You could be working on things that don’t matter and waste money in the wrong areas trying to attract customers.
If you want an edge with insights, then understanding how to shape your sales funnel and convert becomes paramount. It’s why implementing a feedback loop where you can understand the data feeding your business pipeline is a critical growth hacking technique.
The strategy requires that you stop guessing and use statistical analysis tools or talent to gain a clear picture of how your customers find you, what they are looking for and what causes them to engage.
Furthermore, you can use data analysis as a core part of figuring out what is working and what is not performing in your business. If you have a dashboard of KPI’s then you can get ahead of things like:
- Selling the right product or product mix in the right way
- Connecting with customers before they discontinue their service
- Position with the highest probability keywords and triggers for buyers
- Choose a better market segment
- Build an audience that is attracted to your sales proposition
- Create content that connects and will be evergreen
These are strategies that don’t come with guessing. It comes with knowledge supported by testing and quantitative insights that help you bet with an informed approach.
It is hard to decipher what works. There are so many bold claims in the market and so-called experts. However, your business is full of information that flows in and out.
What if you became predictive in your selling approach?
What if you are doing the wrong things from a lack of data and insights? Want to change it?